$54.15 Million in Sales Expected for Washington Trust Bancorp, Inc. (NASDAQ:WASH) This Quarter
Analysts predict that Washington Trust Bancorp, Inc. (NASDAQ:WASH – Get Rating) will report sales of $54.15 million for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Washington Trust Bancorp’s earnings, with the lowest sales estimate coming in at $53.40 million and the highest estimate coming in at $54.90 million. Washington Trust Bancorp posted sales of $55.35 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 2.2%. The company is expected to issue its next quarterly earnings report on Monday, January 1st.
According to Zacks, analysts expect that Washington Trust Bancorp will report full-year sales of $220.60 million for the current year, with estimates ranging from $217.60 million to $223.60 million. For the next financial year, analysts forecast that the company will report sales of $242.40 million, with estimates ranging from $240.90 million to $243.90 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that provide coverage for Washington Trust Bancorp.
Washington Trust Bancorp (NASDAQ:WASH – Get Rating) last released its earnings results on Monday, April 25th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.02. Washington Trust Bancorp had a return on equity of 13.35% and a net margin of 30.69%. During the same quarter in the previous year, the company earned $1.17 earnings per share.
Several equity analysts have recently issued reports on WASH shares. StockNews.com began coverage on Washington Trust Bancorp in a report on Thursday, March 31st. They issued a “hold” rating for the company. Piper Sandler lowered Washington Trust Bancorp from an “overweight” rating to a “neutral” rating and set a $56.00 price target for the company. in a research report on Thursday, April 7th.
A number of institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in Washington Trust Bancorp in the 4th quarter worth $8,131,000. Victory Capital Management Inc. raised its stake in Washington Trust Bancorp by 49.9% during the first quarter. Victory Capital Management Inc. now owns 253,124 shares of the financial services provider’s stock worth $12,033,000 after acquiring an additional 84,225 shares during the period. Vanguard Group Inc. raised its stake in Washington Trust Bancorp by 4.0% during the first quarter. Vanguard Group Inc. now owns 958,238 shares of the financial services provider’s stock worth $50,306,000 after acquiring an additional 37,258 shares during the period. VELA Investment Management LLC acquired a new stake in Washington Trust Bancorp during the fourth quarter worth about $1,819,000. Finally, BlackRock Inc. grew its position in Washington Trust Bancorp by 2.0% in the 4th quarter. BlackRock Inc. now owns 1,540,201 shares of the financial services provider’s stock worth $86,820,000 after purchasing an additional 29,642 shares during the last quarter. 77.37% of the stock is owned by hedge funds and other institutional investors.
WASH opened at $46.92 on Friday. Washington Trust Bancorp has a 12 month low of $46.35 and a 12 month high of $60.96. The stock has a fifty-day moving average price of $50.70 and a 200-day moving average price of $54.43. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.15. The firm has a market cap of $814.06 million, a price-to-earnings ratio of 11.28 and a beta of 0.76.
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 8th. Stockholders of record on Friday, April 1st were paid a dividend of $0.54 per share. The ex-dividend date was Thursday, March 31st. This represents a $2.16 annualized dividend and a dividend yield of 4.60%. Washington Trust Bancorp’s dividend payout ratio is currently 51.92%.
Washington Trust Bancorp Company Profile (Get Rating)
Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.
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